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1) Don't give people personalized tours of the home
2) Don't give people too much information about your property.
3) Act like a real estate agent.
(See my post on "Do you shoe homeowners away during showings?)
For the most part I agree with this, but I have found homesellers of historic homes do pretty well with the personalized tours. I think the type of person who wants to buy a historic home tends to be interested in the history of the house and so those little bites of information tend to be appreciated by my buyers. Buyers of those homes really want to know what has been updated.
For the most part I agree with this, but I have found homesellers of historic homes do pretty well with the personalized tours. I think the type of person who wants to buy a historic home tends to be interested in the history of the house and so those little bites of information tend to be appreciated by my buyers. Buyers of those homes really want to know what has been updated.
I've found that in historic homes (or homes that are unusual and the owners have lived there for years) that a "house book", a binder with the information about the home, perhaps photos, etc., does especially well without creating the problems that occur when the seller is hovering. In fact, they tend to make the prospective buyers spend MORE time in the home than they would otherwise have done, because they want to read the stories and pour over the photos, which makes the home stick in their minds when they're looking at other ones.
Regardless of the house, I'd always give the prospective buyer a chance to look through the house first on his/her own, and then do a personalized tour if they show a more serious interest. I think personalized tours for every prospective buyer are going overboard.
I guess it's called limited representation. I'm out of work now, so I'm home majority of the time. If not, I'm just a phone call away and can be home within 10-15 minutes. Although, I'd like at least an hours notice so I can tidy up and get the dogs out. I think that's fair? My commission is 3%.
So, what are you going to do once you have an offer? Are you familiar with your state's laws regarding disclosure? How skilled are you at negotiation? Do you have access to recent comps (not just what's being asked, but what properties have sold recently and for what prices, and what properties have been on the market at what prices and haven't sold, have either expired or been withdrawn) so that you can make a good decision on pricing your home? Do you know what cats you'll have to be herding once there's a contract to get the deal to closing?
Showing the house is just the tip of the iceberg. There are sellers who are familiar enough with all of the various issues surrounding selling a house to do it on their own, and I say more power to them - I've been the buyer's agent on FSBO's before and while it's more work, if the seller is experienced and knowledgable, it can work out okay. I do have to be even more detail-oriented than usual, even then, as the buyer's agent, and the seller has to sign something that says that they know I am NOT working for them but that my fiduciary responsibility is to the buyer's interests, not theirs. Don't want any confusion there, and it's surprising how often that can arise if you don't make it clear right up front.
So, what are you going to do once you have an offer? Are you familiar with your state's laws regarding disclosure? How skilled are you at negotiation? Do you have access to recent comps (not just what's being asked, but what properties have sold recently and for what prices, and what properties have been on the market at what prices and haven't sold, have either expired or been withdrawn) so that you can make a good decision on pricing your home? Do you know what cats you'll have to be herding once there's a contract to get the deal to closing?
Showing the house is just the tip of the iceberg. There are sellers who are familiar enough with all of the various issues surrounding selling a house to do it on their own, and I say more power to them - I've been the buyer's agent on FSBO's before and while it's more work, if the seller is experienced and knowledgable, it can work out okay. I do have to be even more detail-oriented than usual, even then, as the buyer's agent, and the seller has to sign something that says that they know I am NOT working for them but that my fiduciary responsibility is to the buyer's interests, not theirs. Don't want any confusion there, and it's surprising how often that can arise if you don't make it clear right up front.
I've done it before. I'm familiar with all the things you listed. I have a title company lined up. The realtor that has it listed is willing to walk us through it once we have an offer. I have a contract and disclosure ready to go. I think the difference is that the listing realtor doesn't have to show the house which is fine by us. We have dogs that we have to get out. I'm home most of the time, if not a phone call away.
The listing agent rarely shows the house - the listing agent's job is marketing your house (and showing it to the occasional unrepresented buyer who calls about it). Most often it's the buyer's agent who will be showing the house, and doing the work to closing on the buyer's side (riding herd on the buyer's lender, etc.), so what you're giving up there is something that you wouldn't be getting much, if at all, anyway.
FSBO's typically get ignored by alot of realtors.
However, as a realtor I will call the owner of the home and ask if they will co-operate with a broker. Which means will they pay the buyers agent portion commission. Most FSBO's agree.
However, I have run into a situation where the FSBO refused to pay any commission. But the client wanted to see the house anyways. I showed it. They loved it and bought it.
I didn't get anything out of that sale, but 2 years later my buyers had to sell due to a job transfer, and guess who they called to list their home.
FSBO's typically get ignored by alot of realtors.
However, as a realtor I will call the owner of the home and ask if they will co-operate with a broker. Which means will they pay the buyers agent portion commission. Most FSBO's agree.
However, I have run into a situation where the FSBO refused to pay any commission. But the client wanted to see the house anyways. I showed it. They loved it and bought it.
I didn't get anything out of that sale, but 2 years later my buyers had to sell due to a job transfer, and guess who they called to list their home.
So your buyers didn't figure the commission into their offer? You didn't have a buyer's rep agreement that stated that they owed you a specific percentage for working for them and if the seller or seller's agent didn't pay it, they would be responsible for it?
Did they do pro bono work for their boss or customers, as well? Seems only fair that they would, if they would expect you to do the work for them (and take on the liability, by the way) without being paid.
I'd feel responsible to give my realtor a commission if there wasn't one offered. They put their effort and time in finding me a house. I'd feel guilty if they didn't get anything.
In my area, it is customary to ask the sellers to leave while the buyer's agent shows the property. Most sellers comply with the request.
Rarely does an seller ask for identification before deaprting. They should. They should also take down license plate numbers.
Anyone can pose as a real estate agent, with buyers in tow.
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FSBO Showings
